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Inventory, Appraisement, and List of Claims

Inventory, Appraisement, and List of Claims. Purposes. 1 . Vis-à-vis Creditors 2 . Vis-à-vis Heirs and Beneficiaries. Not waivable. Not waivable by: Testator Heirs or beneficiaries Why not? Note: Not need if will filed as muniment of title. 1. Inventory pc § 250; ec § 309.051.

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Inventory, Appraisement, and List of Claims

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  1. Inventory, Appraisement, andList of Claims

  2. Purposes • 1. Vis-à-vis Creditors • 2. Vis-à-vis Heirs and Beneficiaries

  3. Not waivable • Not waivable by: • Testator • Heirs or beneficiaries • Why not? • Note: Not need if will filed as muniment of title.

  4. 1. Inventorypc § 250; ec § 309.051 Contents: • All real property located in Texas • All personal property wherever located • If decedent was married at time of death, indicate whether separate or community • Note 3, page 124

  5. 2. Appraisement • Value of each asset as of date of death. • Who values? • Personal representative • Appraisers • PC § 248 • EC § 309.001

  6. 2. Appraisement • Who may ask for appraisers? • Interested person • Court, on its own motion

  7. 2. Appraisement • Standard • Court must have good cause to appoint.

  8. 2. Appraisement • Number • One, two, or three at court’s discretion

  9. 2. Appraisement • Fee • At least $5.00 per day.

  10. 3. List of ClaimsPC § 251; EC § 309.052 • List of claims due and owing the estate • Decedent was a creditor • Avoid “rookie mistake” of listing decedent’s debts.

  11. Supported by Sworn AffidavitPC § 252; EC § 309.053 • Personal representative must swear under oath that IAL is true and complete.

  12. TimePC § 250; EC § 309.051 • 90 days from when PR qualified • Court may shorten time period

  13. Action by CourtPC § 255; EC § 309.054 • Court examines and approves or disapproves. • If court disapproves, PR must resubmit within time set by court but no longer than 20 days.

  14. Affidavit in Lieu of InventoryPC § 250; EC § 309.056 • New procedure created in 2011. • Purpose = privacy

  15. Affidavit in Lieu of InventoryPC § 250; EC § 309.056 • Prerequisites: • Independent administration, and • No debts (except secured debts, taxes, and administration expenses) remain by the time the inventory is due (90 days after appointment)

  16. Affidavit in Lieu of InventoryPC § 250; EC § 309.056 • PR must still prepare inventory. • PR must give to any heir or beneficiary who makes a written request. • PR may give to anyone PR believes in good faith to be an interested person.

  17. Affidavit in Lieu of InventoryChanges effective 1/1/14 • Procedure available even if will says “file inventory” • To rebut claim that standard language requires inventory filing. • “Safe harbor” language revised to say, “return of any required inventory.”

  18. Affidavit in Lieu of InventoryChanges effective 1/1/14 • Executor cannot be held liable for the decision to use, or not use, the affidavit in lieu of inventory procedure.

  19. Penalty for Failure to ComplyNew EC § 309.057 • If PR disobeys a show cause order without good cause, court may impose a fine of up to $1,000.

  20. Cases • Garner v. Long – p. 127 • Lee v. Lee – p. 131

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